by Harish Gupta, National Editor, Lokmat Group

Companies sold for a song under new Law 

Realization comes down from 55% to 20% in 2026

1419 companies gone for Rs 4.24 lakh crores

Harish Gupta

Even as the government claimed that as much as Rs 4.24 lakh crores have been realised to the creditors under the Insolvency and Bankruptcy Code,2016 (IBC), it emerged that the realisation has been falling year after year.

If the realisation was 54% in 2017-2018 and 55% next year, it fell to as low as 20% during the 2025-26 financial year.

During the last nine years, a total of 1,419 cases have yielded resolution plans under Insolvency and Bankruptcy Code. These cases have led to a realisation of Rs. 4.24 lakh crore to the creditors.

The government also claimed that the IBC has enhanced the ease of doing business by providing a time bound and transparent mechanism for resolving insolvency, improving investor confidence and credit availability.

As per the RBI’s Financial Stability Report of June 2026, the Gross Non-Performing Assets (GNPA) ratio of Scheduled Commercial Banks has declined from its peak of 11.2% in March 2018 to a low of 1.8% in March 2026.

However, the government asserted that the IBC is a legal framework for insolvency resolution and is market driven and recoveries by creditors reflect the underlying asset quality and the commercial viability of the distressed enterprise. The term “haircut” has not been defined or used in IBC.

The agony is that a total of 14,813 cases are pending as on March 31, 2026 before the NCLT for resolution. The government conceded it in Parliament and gave out the information that realisation in 2025-26 was as low as 20%.

Period          Amount (cr)            Realisation as %

2017-2018    3807                        54%

2018-2019    1,07,321                  55%

2019-2020    39,043                      27%

2020-2021   27,102                       27%

2021-2022     46,198                     24%
2022-2023    54,125                      39%
2023-2024     44,736                     28%
2024-2025    54,604                      37%
2025-2026  42,003                        20%

by Harish Gupta, National Editor, Lokmat Group

Fly on the wall

Why S Jaishankar Is Flying High

It may sound strange, but it is true. Ever since Narendra Modi took over as Prime Minister, the Ministry of External Affairs has occupied a somewhat higher pedestal than most other ministries. Modi has routinely held high-level review meetings with ministers and secretaries of various ministries, grilling them on performance, targets and timelines. The MEA, however, has largely remained outside this collective review arena.

This is not because foreign policy is any less important. Quite the contrary. It reflects the Prime Minister’s preference for maintaining a more direct and closely held oversight of external affairs.

Foreign policy is executed on a day-to-day basis by External Affairs Minister S Jaishankar and career diplomats, including Foreign Secretary Vikram Misri. But Modi himself keeps a close watch through formal mechanisms as well as direct communication.

Those familiar with the functioning of the government say Modi and Jaishankar remain in frequent touch, often speaking several times a day on matters of immediate concern. The Foreign Secretary is also regularly brought into the loop.

The MEA does, of course, come under sharper scrutiny when issues involving infrastructure, connectivity and national security arise. Take Chabahar Port. While the Ports and Shipping Ministry handles the operational side, negotiations and strategic engagement with Iran inevitably bring the MEA into the picture.

Secondly, the MEA is a crucial component of the Cabinet Committee on Security (CCS), chaired by Modi, which deals with major strategic, foreign-policy and national-security issues.

Jaishankar’s importance, therefore, goes beyond the conventional role of an External Affairs Minister. He is virtually a 24x7 minister, with one foot in Delhi and the other constantly on foreign soil.

A former diplomat, Jaishankar is tough, straight-talking and distinctly no-nonsense. He may have come from the diplomatic establishment, but he is hardly restrained when plain speaking is required. That combination of professional expertise, political confidence and the Prime Minister’s evident trust explains why S Jaishankar continues to fly high.

Amit Shah’s Big-Bang Return

Just a few weeks ago, the political chatter was all about one question: Where was Amit Shah? The Home Minister’s visible political activity had seemingly gone quiet. If he was busy pulling strings behind the scenes, few outside the inner circle appeared to know. But suddenly, the shutters are up and Shah is everywhere — Delhi, Noida, UP, Maharashtra, Punjab and all over the country. And he is not merely attending routine government functions. Shah is increasingly occupying the central political space.

His big-bang return came with his two-day Maharashtra visit last month, followed by a relentless round of public engagements. After Modi’s birthday celebrations in Vadnagar on September 17, Shah’s political footprint has only grown.

In Delhi, he inaugurated projects worth over ₹1,900 crore, including the Barapullah Road project linking eastern and southern Delhi with Noida. The Delhi government advertisement was quite revealing too. A few photographs showed Shah walking onto the newly opened road, waved to the crowds and soaked up the moment.

Noida followed. Shah inaugurated the Uttar Pradesh International Trade Show, praised Yogi Adityanath and confidently spoke of victory in the next election. This was particularly notable after weeks of speculation about Shah’s rumoured distance from UP and reports of friction with the Chief Minister.

Then came Punjab. On September 30, Shah landed in Jalandhar for a major BJP rally, with the party claiming a turnout of one lakh people. The Lovely Professional University controversy took some shine off the event, but Shah’s presence itself carried a message. Modi had visited the region only days earlier. Shah visited multiple states including Meghalaya, Telangana and Madhya Pradesh and the itinerary is full for the month.

Insiders say that the journey has just begun. Shah is not just back on the political stage but occupying the centre stage. Shah's hectic programs show that he is filling the void as the new BJP chief Nitin Nabin is unable to make an impact and the party is lagging behind.

Why is Gyanesh smiling !

A comprehensive but "confidential dossier" about Chief Election Commissioner Gynanesh Kumar suddenly appeared from nowhere before the Congress top brass meeting in the Capital. It gave details of how the Kerala cadre IAS bureaucrat was involved in corrupt deals in the state and how he rode to the top post of the CEC. The irony was the state was ruled either by the Congress or the Left parties. But to the surprise of many, the state Chief Minister V D Satheesan came prepared at the Congress Working Committee with a note on the stint of Gyanesh Kumar in the state. Satheesan reeled out a list of Kumar’s questionable actions. He also gave details of his activities when he was District Magistrate of his district Ernakulam 20 years ago. Eyebrows were raised with many wondering silently why the Congress governments in the state didn't act against him.

But who could have named A K Antony who was the unquestioned king of the state in Congress. Gyanesh Kumar was brought as Joint Secretary, handling areas like Naval Systems and defense production to the Centre between 2007 to 2012. Antony was Defence Minister and it is said that he brought Gyanesh Kumar at the Centre when he was facing rough weather in the state. Now Keralam Home Minister Ramesh Chennithala has ordered a vigilance department probe against Gyanesh Kumar over a road project in which the state had suffered a loss and a Malaysian contractor committed suicide in 2006. Why the state woke up after 20 years? Congress needs to answer and more so Rahul Gandhi's political Guru – A K Antony whose son is in the BJP now.

RBI's “Politically Exposed Person”

Politicians may command crowds, win elections and wield considerable influence. But when they walk into a bank, the Reserve Bank of India has a rather different lens: “Politically Exposed Person” (PEP).

The RBI says being politically exposed does not mean being financially suspect. But they cannot simply wave them through. Banks must take reasonable steps to establish their source of funds and wealth, obtain senior management approval before opening an account and subject it to enhanced, continuous monitoring. There is an interesting twist. If an ordinary customer suddenly becomes a PEP, the bank cannot pretend nothing has changed. And the rules do not stop at politicians themselves. Family members and close associates of PEPs are also covered under this provision.

Yet RBI has drawn a clear line: PEP classification is a risk-assessment tool, not a badge of suspicion. Enhanced due diligence is mandatory, but discrimination is not. The message to banks is simple: keep an extra eye on political power—but don’t treat power itself as a crime. Does this definition help contain mounting NPAs of banks!

Congress' UP Gamble

After nearly 20 years, the Congress is back to playing the same gamble; appointing a woman as its UP unit president after Rita Bahuguna Joshi's experiment miserably failed. Ms Bahuguna headed the UP unit between 2007-2012 and later  joined the BJP after a brief stint with the SP. The Congress had also experimented with Sheila Dikshit briefly to woo Brahmins and women. The party is back with Aradhana Mishra Mona to woo the same constituency.  

But those watching the developments in UP say that the move could make seat-sharing negotiations with the Samajwadi Party comparatively easier now. As long as Ajay Rai remained in charge, this appeared difficult. Rai is a street leader and had given Prime Minister Narendra Modi a tough fight in the Varanasi Lok Sabha seat in 2024. 

Aradhana Mishra has been picked up as she is the daughter of senior party leader Pramod Tiwari and may make alliance with SP smoother. Even Rita Bahuguna Joshi was the daughter of late Hemvati Nandan Bahuguna and Sheila Dixit was the daughter-in-law of late Uma Shankar Dixit. Interestingly, Anuradha had met Akhilesh Yadav on August 26 along with her father before her being appointed as PCC Chief.

by Harish Gupta, National Editor, Lokmat Group

Fly on the wall

Harish Gupta

A Third Warrior from Maharashtra

Delhi has a curious history of being shaken by movements that begin hundreds of kilometers away in Maharashtra.

First came the Maratha armies that marched towards the Mughal capital in the 18th century. Centuries later, Anna Hazare descended on Delhi with the India Against Corruption movement, triggering a political upheaval that eventually altered the country's electoral landscape. Its offshoot, the AAP, is yet to make any significant mark in the national power politics.

Now, social media claims a "third invasion" is underway. Memes and satirical posts have christened youth activist Abhijeet Dipke as the latest Maharashtrian to unsettle Delhi after his Cockroach Janta Party (CJP) spearheaded a 37-day agitation over examination scandals. The protest culminated in the resignation of Union Education Minister Dharmendra Pradhan, giving the fledgling movement a symbolic victory that few had anticipated.

The comparison, however, is more internet humour than historical reality. Dipke is not leading an army to Delhi, nor has he announced any plans to storm the corridors of political power. The CJP continues to describe itself as an issue-based citizens' movement that relies on satire, social media and street mobilisation to force governments to answer uncomfortable questions.

Even Dipke's oft-repeated assertion that "bigger thrones will shake" is intended as a warning to the political establishment rather than a declaration of personal ambition. Yet politics has a way of testing every successful movement.

Having forced one minister's exit, Dipke had returned quietly to Maharashtra. Now he has launched Jantar Mantar 0.2 seeking the resignation of CEC Gyanesh Kumar and also asking political parties to desist from contesting polls if they think the system is rigged. Political parties have launched their own nation-wide campaigns. The BJP -led governments in Maharashtra and Assam are not giving a free ride to the CJP and tightening the noose around its volunteers. The question Delhi is asking whether history will once again turn an agitator into political oblivion or change the course of history.

Suspense Over Priyanka’s New Role

There is growing buzz in the AICC that Priyanka Gandhi Vadra could soon be handed a bigger and more defined role in the Congress organisation. The speculation has gained traction after she recently joined Rahul Gandhi in a series of group discussions with AICC secretaries to review their work and assess the party’s ground-level feedback mechanism.

Normally, such organisational reviews were conducted by Rahul Gandhi along with Congress president Mallikarjun Kharge. Priyanka’s inclusion this time has therefore set tongues wagging within the party. Rahul and Priyanka reportedly sought detailed feedback from the functionaries on key organisational issues, particularly ways to speed up the flow of information from the ground and improve the party’s response mechanism.

Priyanka has been an AICC general secretary for nearly four years, but has remained without a specific portfolio. Her last major organisational assignment was Uttar Pradesh in 2022.

The latest intrigue follows the September 5 reshuffle of AICC general secretaries, under which responsibilities were distributed to all the general secretaries—except Priyanka and Mukul Wasnik who has been retained without a portfolio after losing charge of Gujarat.

The twin vacancies have fueled speculation that something more deliberate may be in the works for Priyanka. She has increasingly operated as a strategist and troubleshooter behind the scenes. Grapevine has it that the long-pending Election Management Department may finally take shape next month, with Priyanka being discussed as its possible head and Wasnik as deputy or convener. If that happens, Priyanka’s “no portfolio” status could prove to have been less a void—and more a waiting room.

Modi Joins the Gen-Z Groove

The BJP appears to have discovered a new political mantra: if you cannot change the times, change the playlist.

Prime Minister Narendra Modi’s recent appearance at a youth-packed bhajan-clubbing event in Delhi, organised by an RSS outfit to mark Deen Dayal Upadhyaya’s birth anniversary, was more than a devotional outing. Seated among young bhajan enthusiasts, the Prime Minister picked up the jhankar and joined in the singing. The optics were unmistakable—Modi, surrounded not by the usual political entourage but by the generation that has known him only as Prime Minister flanked by oldies and lecturing the nation all the time.

And this Gen-Z outreach comes with a soundtrack. At a youth event in Vadodara, Modi had made a dramatic entry with Queen’s We Will Rock You blaring in the background. Clearly, the BJP is experimenting with more than traditional political vocabulary.

BJP president Nitin Nabin has taken the exercise a step further. He recently held a four-hour brainstorming session with 44 young leaders and ministers on how to connect with students and youth. The gathering included BJYM chief Hemang Joshi and former chiefs Tejasvi Surya, Poonam Mahajan and Anurag Thakur, besides Jyotiraditya Scindia and Diya Kumari.

Union minister Ashwini Vaishnaw was seen diligently taking notes to ensure that nothing from the young brigade’s feedback gets lost in translation.

Curiously, one phrase was strictly off the table: Gen Z. The preferred terminology was simply “students” and “youth”. Perhaps even the BJP knows that sometimes, the safest way to woo Gen Z is not to call it Gen Z.

Akhilesh's strange thesis

Samajwadi Party president Akhilesh Yadav is generally regarded as one of the more sensible leaders in Indian politics with a good sense of humour. But over the past few days, he appears to be saying some rather bizarre things. He recently came out with a strange thesis as to why he had given Lok Sabha tickets to five members of his own family saying otherwise the party might have split. He claimed that this had helped keep the party united.

But does having a political family really prevent a party from splitting? His own uncle Shivpal Yadav had broken away from the SP. From the Chautalas to Thackerays to the Pawars, Karunanidhis, Paswans and Badals, it would be difficult to find a major political family that has remained completely united. Yet Akhilesh appears to be justifying “family rule”.

by Harish Gupta, National Editor, Lokmat Group

Modi’s Ministers meet Again on Sept 30-Oct 1

From Chintan Shivir to Action Plan -2029

Harish Gupta 

The Modi government is moving from "chintan to action" Now. 

A detailed Plan of Action for Union ministers is set to be rolled out at the second round of the Union Council of Ministers’ Chintan Shivir 2.0 to be held on September 30 and October 1.

The blueprint will draw on Prime Minister Narendra Modi’s directives issued during the first round of deliberations on September 23-24 at Seva Teerth, along with the mandates carried forward from that exercise.

The message to ministers is clear: move beyond scheme implementation to 100 per cent saturation, prepare strategies for taking around 40-45 key Central welfare schemes to every intended beneficiary.

Each minister has been asked to document governance lessons gathered from colleagues and translate them into actionable measures for his or her own department. Physical field presence has been emphasised to ensure that benefits reach people without getting trapped in administrative red tape.

Ministers have also been told to know facts on the ground and be prepared to counter 'negative narratives'. Youth and women are expected to receive special attention in the delivery architecture.

The broader theme is “Jan Vishwas se Jan Aadhaar”—building public trust through effective governance and delivery.

Modi had constituted eight Groups of Ministers to work on the agenda and formulate a comprehensive action plan for the remaining tenure of the government up to 2029. The first round also examined the roadmap for Viksit Bharat@2047.

Among those involved in the deliberations are senior ministers Rajnath Singh, Amit Shah and Nirmala Sitharaman, besides Piyush Goyal, Hardeep Singh Puri, Shivraj Singh Chouhan and Ashwini Vaishnaw.

The September 30-October 1 session is, therefore, expected to convert the Shivir’s broad prescriptions into department-wise targets, delivery mechanisms and measurable action points.

by Harish Gupta, National Editor, Lokmat Group

Fly on the Wall

Harish Gupta

Modi's 'Kamraj Plan' in Limbo

For those camping outside the doors of the Modi Cabinet, there is a familiar message doing the rounds: “Please wait. The PM is busy.”

The much-awaited Cabinet reshuffle may have to wait a little longer, if signals emanating from the Prime Minister’s "Seva Tirth" are any indication. It transpires that the Prime Minister has been giving final touches to undertake a massive reshuffle of his Cabinet reminiscent of “Kamraj Plan”. The late PM Nehru had removed senior Cabinet Ministers and many chief ministers to work for the party in the early 70s. Modi's plan seems to be in limbo.  His Chintan shivirs with ministers including the latest one are part of this exercise only.    With the “Shraadh period” beginning September 26, the possibility of any reshuffle is ruled out. 

Modi's calendar for October is already bursting at the seams. The BJP’s elaborate Seva Pakhwada will culminate on October 7 marking 25 years in public service since Modi first became Gujarat Chief Minister in 2001.

Then comes another international engagement. Modi is scheduled to travel to Vientiane, Laos, from October 10 for key summits. Navratri begins the following day, Dussehra arrives on October 20 and Diwali follows. A Kamraj Type reshuffle in the middle of the festive season would hardly be the ideal political recipe.

A special session of Parliament, if called, could further upset the apple cart. And waiting in the wings is another political date—the UP Rajya Sabha biennial election for 10 seats as many heavy weights are waiting in the wings to be in. So, for the ministerial aspirants, the suspense continues. The chairs may be vacant, but the auspicious date is awaited.

The Cockroach Effect

What began as a provocative Gen-Z protest has clearly acquired a life of its own. The Cockroach Janata Party (CJP) appears to be creating ripples well beyond the streets and social media, putting issues raised by its campaign on the political and administrative radar.

Insiders claim the movement has even affected the BJP’s thinking about the much-awaited Cabinet reshuffle. The buzz is that the Prime Minister wants to send a message to Gen-Z by bringing younger faces and newer ideas into the decision-making system. The RSS, too, is experimenting with ways to connect with the generation, including a recent “Gen-Z Bhajan Sandhya” in Delhi.

Then came Rajasthan. In the civic elections, independents won 2,273 seats, emerging as kingmakers in several local bodies. The CJP had repeatedly highlighted the condition of government schools in the state. The CJP’s echo was also heard in the courtroom. After the Supreme Court had ordered that no coercive action be taken against student protesters, an executive magistrate in Greater Noida issued a notice to the student. The UP government subsequently told the Supreme Court that the officer had been suspended.

Perhaps the most intriguing part is Abhijeet Dipke himself. He appears, makes noise, raises an issue—and then disappears from view, leaving the establishment guessing about his next move. The CJP may still be an unconventional political experiment. But one thing is becoming harder to ignore: the cockroach is crawling into places nobody expected.

Shinde’s Vadnagar Moment

The BJP’s NDA allies turned up in force for Prime Minister Narendra Modi’s birthday celebrations. Andhra Pradesh Chief Minister N Chandrababu Naidu traveled to Varanasi, Modi’s Lok Sabha constituency, to join Defence Minister Rajnath Singh in offering birthday greetings. Chirag Paswan, Anupriya Patel and JD(U) leaders were also prominent participants in these celebrations.

But one appearance set the Delhi grapevine buzzing. Why did Maharashtra Deputy Chief Minister Eknath Shinde travel all the way to Vadnagar in Gujarat and appear alongside Union Home Minister Amit Shah to pray for the Prime Minister’s well-being? The duo launched the month-long Seva Sankalp Abhiyan and flagged off a bike rally. Shinde even opened his speech in Gujarati.

Those familiar with the BJP’s birthday choreography, however, say there was no last-minute intrigue. The PMO and BJP leadership had meticulously planned these celebrations well in advance, leaving little to improvisation.

But Delhi’s political whisper network rarely settles for the official script. Talk is that Shinde has been keen to secure a place for his son, Shrikant Shinde, in the Modi government. With Shinde’s party an important NDA ally, the BJP too has reasons to keep its Maharashtra partner comfortable.

Hence the Vadnagar optics may have generated more heat than substance. In Delhi parlance, it could simply be a storm in a teacup—though a rather carefully staged one.

Raghav Chadha’s Homecoming

The disappearance of Raghav Chadha’s name from Punjab’s electoral rolls triggered a political row, with Chadha and the BJP targeting the Punjab government. Technically, however, the SIR exercise is being conducted by the Election Commission, which has the authority to retain or restore a name if the eligibility conditions are met. That is significant because Chadha is a Rajya Sabha MP from Punjab and had been a registered voter there. Following the deletion, however, has chosen to register as a voter in Delhi rather than seek inclusion again in Punjab.

The more intriguing question is why Chadha opted for Delhi. After all, Chadha began his political career in Delhi and was once an MLA from Rajinder Nagar seat. For some time, he was also being projected as an important non-Sikh face for the AAP in Punjab, with speculation that he could play a significant role in the next Assembly election. After he joined the BJP, Chadha had to look for a role in Delhi. The only problem is that the BJP has no shortage of leaders in Delhi unless, of course, he gets a larger role.